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Investments

7

Portfolio Exits

1

About Nitin Agarwal

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Exclusive: GlobalBees Invests In Consumer Electronics Startup Candes

Apr 23, 2022

Share story Share story As part of the deal, Nitin Agarwal and Damandeep Soni will join Candes as nominee directors Candes offers electric appliances ranging from ceiling fans, mixer grinders to washing machines D2C brand aggregator GlobalBees will be investing in D2C appliance brand Candes. The Thrasio venture style arm of IPO-bound FirstCry, which is known to acquire and partner with D2C startups to help them grow, will make its foray into consumer electronics segment with this investment. In an extraordinary general meeting on April 18, the shareholders of Candes decided to allot 17,544 compulsorily convertible preference shares (CCPS) to GlobalBees. GlobalBees will be investing close to $3.2 Mn in Candes in exchange for a 39.26% stake in the startup. As a part of the deal, Nitin Agarwal, CEO of GlobalBees, and Damandeep Soni, CBO of GlobalBees, will be joining the board of Candes as nominee directors. Candes was founded in 2015 by Sandeep Agarwal and Vipin Agarwal, who had earlier spent close to a decade in shaping their family’s Vedanta Electricals. The D2C brand sells products ranging from ceiling fans to mixer grinders, and from televisions to washing machines. It also sells air coolers. The startup’s products are also available on ecommerce giants such as Amazon, Flipkart, Udaan, and Moglix. The New Delhi-based brand also offers B2B registration, thus allowing bulk ordering for offices or other commercial space. Apart from major home appliance makers, such as Havells, Philips, LG, Candes also competes with Mumbai-based startup Atomberg. In June 2021, Candes raised $3 Mn led by Anuraag and Ruchirans Jaipuria along with Lotus Group Joint MD Nitin Passi, among others. GlobalBees, which entered the unicorn club late last year after raising $111.5 Mn in its Series B round, has been acquiring startups since August last year. To date, the LightSpeed-backed D2C aggregator has acquired or invested in over a dozen D2C brands. In 2022, GlobalBees, as per media reports , invested in four D2C brands. These are: Reach – a fitness equipment brand,  The Butternut Company –  a healthy snack brand Mush – a sustainable clothing company Strauss – a sports fitness equipment brand   Last year, it acquired The Better Home, andMe, Prolixr, Absorbia, Yellow Chimes, HealthyHey, among others. GlobalBees competes with the likes of Mensa Brand, 10Club, Upscalio, Evenflo, and GOAT Brand Labs, among others. In 2021, the D2C segment in India saw unprecedented funding, with more than $1.4 Bn raised across 160+ funding deals. As per an Inc42 Plus report , the Indian D2C market is expected to triple from $33.1 Bn in 2020 to $100 Bn by 2025 on the back of rise in online shoppers in India to 350 Mn by FY25 from 128 Mn in FY21.

Nitin Agarwal Investments

7 Investments

Nitin Agarwal has made 7 investments. Their latest investment was in Doosra as part of their Seed VC on December 12, 2021.

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Nitin Agarwal Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/23/2021

Seed VC

Doosra

Yes

2

9/6/2021

Seed - II

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$99M

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10

6/2/2021

Seed

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10

11/2/2017

Angel

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$99M

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10

8/29/2016

Angel - II

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$99M

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10

Date

12/23/2021

9/6/2021

6/2/2021

11/2/2017

8/29/2016

Round

Seed VC

Seed - II

Seed

Angel

Angel - II

Company

Doosra

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Amount

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

2

10

10

10

10

Nitin Agarwal Portfolio Exits

1 Portfolio Exit

Nitin Agarwal has 1 portfolio exit. Their latest portfolio exit was Siftr Labs on March 29, 2017.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

3/29/2017

Acquired

1

Date

3/29/2017

Exit

Acquired

Companies

Valuation

Acquirer

Sources

1

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